31A-5-404 - Communications to shareholders, policyholders, and voting members -- Commissioner's attendance at meetings. - Utah Statutes

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31A-5-404. Communications to shareholders, policyholders, and voting members-- Commissioner's attendance at meetings.
(1) (a) Sections 16-10a-1601 through 16-10a-1604 apply to the books and records andtheir inspection by shareholders of stock corporations. Section 16-6a-1602 applies to the booksand records and inspection rights of policyholders or voting members of mutuals. However, theinspection of the records of the names and addresses of policyholders or voting members ofmutuals is permitted only to communicate with other policyholders or voting members regardingthe nomination and election of candidates for the board, or for other corporate matters which maybe submitted to a vote of the policyholders or voting members. No person may, directly orindirectly, use any information obtained in an inspection for any other purpose.
(b) Any books, records, or minutes may be in written form or in any other form capableof being converted into written form within a reasonable time.
(c) Any provision of this chapter or of any articles or bylaws of a mutual, which requireskeeping a record of the names and addresses of policyholders entitled to vote or voting members,is complied with by keeping a record of the names of policyholders or voting members and thenames and addresses of insureds or persons paying premiums. This provision requires mailing orsending of notices, reports, proposals, ballots, or other materials to policyholders or votingmembers of record.
(2) Subject to Subsection (4), the commissioner may by rule prescribe that copies ofspecified classes of communications circulated generally by a corporation to shareholders,policyholders, or voting members be communicated to the commissioner at the same time.
(3) Subject to Subsection (4), the commissioner may attend any shareholders',policyholders', or voting members' meeting as an observer.
(4) Subsection (3) and, so far as it relates to communications to shareholders, Subsection(2) do not apply to stock corporations whose voting shares are owned by a single person, orwhose shareholders are either members of the board or are explicitly represented on it.

Amended by Chapter 300, 2000 General Session

State Codes and Statutes

Statutes > Utah > Title-31a > Chapter-05 > 31a-5-404

31A-5-404. Communications to shareholders, policyholders, and voting members-- Commissioner's attendance at meetings.
(1) (a) Sections 16-10a-1601 through 16-10a-1604 apply to the books and records andtheir inspection by shareholders of stock corporations. Section 16-6a-1602 applies to the booksand records and inspection rights of policyholders or voting members of mutuals. However, theinspection of the records of the names and addresses of policyholders or voting members ofmutuals is permitted only to communicate with other policyholders or voting members regardingthe nomination and election of candidates for the board, or for other corporate matters which maybe submitted to a vote of the policyholders or voting members. No person may, directly orindirectly, use any information obtained in an inspection for any other purpose.
(b) Any books, records, or minutes may be in written form or in any other form capableof being converted into written form within a reasonable time.
(c) Any provision of this chapter or of any articles or bylaws of a mutual, which requireskeeping a record of the names and addresses of policyholders entitled to vote or voting members,is complied with by keeping a record of the names of policyholders or voting members and thenames and addresses of insureds or persons paying premiums. This provision requires mailing orsending of notices, reports, proposals, ballots, or other materials to policyholders or votingmembers of record.
(2) Subject to Subsection (4), the commissioner may by rule prescribe that copies ofspecified classes of communications circulated generally by a corporation to shareholders,policyholders, or voting members be communicated to the commissioner at the same time.
(3) Subject to Subsection (4), the commissioner may attend any shareholders',policyholders', or voting members' meeting as an observer.
(4) Subsection (3) and, so far as it relates to communications to shareholders, Subsection(2) do not apply to stock corporations whose voting shares are owned by a single person, orwhose shareholders are either members of the board or are explicitly represented on it.

Amended by Chapter 300, 2000 General Session

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State Codes and Statutes

Statutes > Utah > Title-31a > Chapter-05 > 31a-5-404

31A-5-404. Communications to shareholders, policyholders, and voting members-- Commissioner's attendance at meetings.
(1) (a) Sections 16-10a-1601 through 16-10a-1604 apply to the books and records andtheir inspection by shareholders of stock corporations. Section 16-6a-1602 applies to the booksand records and inspection rights of policyholders or voting members of mutuals. However, theinspection of the records of the names and addresses of policyholders or voting members ofmutuals is permitted only to communicate with other policyholders or voting members regardingthe nomination and election of candidates for the board, or for other corporate matters which maybe submitted to a vote of the policyholders or voting members. No person may, directly orindirectly, use any information obtained in an inspection for any other purpose.
(b) Any books, records, or minutes may be in written form or in any other form capableof being converted into written form within a reasonable time.
(c) Any provision of this chapter or of any articles or bylaws of a mutual, which requireskeeping a record of the names and addresses of policyholders entitled to vote or voting members,is complied with by keeping a record of the names of policyholders or voting members and thenames and addresses of insureds or persons paying premiums. This provision requires mailing orsending of notices, reports, proposals, ballots, or other materials to policyholders or votingmembers of record.
(2) Subject to Subsection (4), the commissioner may by rule prescribe that copies ofspecified classes of communications circulated generally by a corporation to shareholders,policyholders, or voting members be communicated to the commissioner at the same time.
(3) Subject to Subsection (4), the commissioner may attend any shareholders',policyholders', or voting members' meeting as an observer.
(4) Subsection (3) and, so far as it relates to communications to shareholders, Subsection(2) do not apply to stock corporations whose voting shares are owned by a single person, orwhose shareholders are either members of the board or are explicitly represented on it.

Amended by Chapter 300, 2000 General Session